So, your 13-year-old is already a savings superstar, stashing away half of his allowance like a pro! That's impressive and shows he’s on the right track for financial independence. Now, let’s talk about how to turn those savings into something even bigger by investing them. Think of it like leveling up in a video game – each choice you make can lead to a better score down the line.

First, consider opening a Registered Education Savings Plan (RESP). This is like a treasure chest for his future education, and the Canadian government throws in some bonus coins (a.k.a. grants) to help him along the way. With an RESP, the money grows tax-free until he’s ready to use it for school, whether that’s college, university, or even trade school. Plus, in the world of investing, starting early gives him a fantastic advantage. The earlier he starts, the more time his money has to grow, just like a Pokémon evolving into a stronger form.

Now, if you want a bit more flexibility, a Tax-Free Savings Account (TFSA) is another great option, although he won’t be able to use that until he turns 18. You could open a TFSA in your name and plan to transfer funds to him later. This way, he can benefit from tax-free growth, and you can help him set the stage for his own financial future. It’s like giving him a magical map for his financial journey that he can activate when he’s ready!

If you’re feeling adventurous and want to explore non-registered accounts, those can be a good option too. These accounts don’t have the same rules as RESPs or TFSAs, so you can invest in pretty much anything – stocks, bonds, mutual funds, or even that trendy new cryptocurrency everyone’s talking about. Just remember, any investment gains will be taxable, which is like having to pay for that premium DLC in a game. It’s fun, but you want to keep an eye on your overall budget.

Whichever path you choose, make sure to involve your son in the process. Explain how investing works, what compound interest is (it’s like magic, really), and why it’s important to have a plan. You could even make it a fun project where he researches different investment options and picks a few he’s interested in. This way, he’ll feel more connected to his money and motivated to save, not just spend.

Investing for your child is not just about the numbers; it’s about teaching them valuable lessons about money management, patience, and the power of making their money work for them. So whether you go with an RESP, plan to transfer funds into a TFSA later, or dive into the world of non-registered accounts, you’re setting him up for a bright financial future. And who knows, he might even thank you one day by treating you to that fancy dinner you’ve been eyeing.